After bumpy 2Q, Hamilton Beach expects modest growth in second half
August 1, 2014-- Home Textiles Today,
Cleveland – Hamilton Beach products experienced lower volume during the second quarter in the U.S. market, but the focus swung to goods with higher price points in both the U.S. and Canada, pushing sales up incrementally.
The small electrics brand, a subsidiary of NACCO Industries, rose 3.3% to $118.4 million during the second quarter ended June 30. However, Hamilton Beach net income dropped 31.5% to $1.4 million.
Despite concern about consumer activity in middle market, “sales volumes are expected to grow more favorably than the market at Hamilton Beach due to improved placements of products of higher price points over the remainder of 2014 compared with the second half of 2013,” investor relations officer Christina Kmetko told analysts during the company’s second quarter conference call yesterday.
Sales dropped and net loss widened for the Kitchen Collection retail operation, another NACCO subsidiary. The company closed 50 under-performing stores during the first half of the fiscal year. Second quarter sales tumbled 14.5% to $32.8 million, with a net loss of $2.7 million compared to a net loss of $2.4 million in the year-ago quarter.
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